Clinical-stage biotech company Cabaletta Bio Inc. announced that it had raised $74.8 million in an initial public offering Friday.
The University City-based company sold 6.8 million shares of common stock at $11 per share, according to a company statement. The pricing is below its target price of $14 to $16 per share listed in documents filed with the Securities and Exchange Commission, Philadelphia Business Journal reported.
Cabaletta, a University of Pennsylvania spinout, develops engineered T cell therapies for patients with B cell-mediated autoimmune diseases. The announcement marks the city’s first life sciences IPO of 2019.
On Monday, Cabaletta (NASDAQ: CABA) was trading around $10 a share. The company said it expects its net proceeds from the offering to be about $66.2 million.
The technology was developed at Penn and resulted in the first commercially available CAR T cell products for the treatment of B cell cancers. The company was founded in 2017 by Dr. Michael Milone and Dr. Aimee Payne, who serve as co-chairs of Cabaletta’s Scientific Advisory Board, the company said. Dr. Steven Nichtberger also cofounded, and now serves as Cabaletta’s CEO.
This year, University City-based Spark Therapeutics (NASDAQ: ONCE) was the focus of what will be the largest exit ever within city limits for a venture-backed company, once it’s complete, after going public in 2015.